EMC reports record-breaking earnings

EMC Corp.'s quarterly net income rose 28 percent on the strength of an 18-percent increase in revenue in the first quarter of 2011, the company reported Wednesday morning.

The Hopkinton

The Hopkinton. Mass.-based storage giant, which has more than 1,000 employees in the Raleigh-Durham area, set records on both lines of its operating statement, with $4.6 billion in consolidated revenue, and $477.1 million in GAAP net income. According to Bloomberg, the company's 31 cents per share revenues figure met analyst expectations for the quarter.

EMC cited strong demand for its Symmetrix storage product portfolio, with revenue increasing 25 percent over the year-ago period, and its mid-tier storage products, with revenue up 20 percent year over year. Virtualization company VMware, which is majority-owned by EMC, on Tuesday announced a 33 percent increase in revenue. EMC's security division, RSA, grew 8 percent year over year, the company said.

EMC chairman and CEO Joe Tucci said in a statement that with a "robust research pipeline," the company is positioned to take advantage of growing demand for cloud computing and big data processing capability.

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